IMTO inflows hit record $1.29 billion in Q1, jump 45% – CBN

Inflows through International Money Transfer Operators (IMTOs) rose to a record US$1.29 billion in the first quarter of 2026, representing a 45% increase from the US$888.47 million recorded in the same period of 2025.

This is according to data from the Q1 2026 Central Bank of Nigeria’s (CBN) quarterly Statistical Bulletin.

The CBN data shows that IMTO inflows increased across all three months of the first quarter, with January recording the highest monthly inflow of US$506.66 million.

The latest figures show a continued increase in remittance inflows through formal channels.

What the data is saying

The apex bank data showed that February inflows stood at US$402.13 million, compared with US$288.82 million in the same month of 2025.

• March recorded US$377.93 million, up from US$317.60 million in March 2025.
• The combined first-quarter inflow of US$1.29 billion represents an increase of about US$398.26 million from the US$888.47 million recorded in Q1 2025.
• The figures show that the increase was broad-based across the quarter, although monthly inflows moderated after the January peak.

The strong first-quarter performance builds on the improvement recorded in IMTO inflows during 2025, when monthly inflows reached some of their highest levels in the data series.

• IMTO inflows reached US$597.44 million in April 2025, the highest monthly figure recorded during 2025.
• December 2025 recorded US$511.11 million, while October and November recorded US$485.65 million and US$402.25 million respectively.

The Q1 2026 total was also higher than the combined inflows recorded in the first quarter of every year from 2019 to 2025 in the supplied data.

The increase in formal IMTO inflows points to stronger foreign exchange receipts through money transfer operators during the period.

Get up to speed

Nairametrics earlier reported that Nigeria recorded an 11.78% decline in remittance inflows through International Money Transfer Operators (IMTOs) in the first half of 2025 compared with the same period in 2024.

• In March, CBN directed all IMTOs operating in the country to open and maintain naira settlement accounts with authorised dealer banks, in a move aimed at tightening oversight of diaspora remittances and improving transparency in the foreign exchange market.
• In January 2024, the CBN issued a circular that removed the previous cap on exchange rates quoted by IMTOs.
• Before the circular, IMTOs were required to quote rates within a permissible range of -2.5% to +2.5% around the previous day’s closing rate of the Nigerian Foreign Exchange Market.
• By the end of January 2024, the apex bank further released revised guidelines for the operations of IMTOs. The apex bank increased the application fee for an IMTO licence from N500,000 in 2014 to N10 million in the revised guidelines. This is an increase of about 1,900% in about 10 years.
• Also, IMTOs were barred from purchasing foreign exchange from the domestic market to fulfil their obligations.

However, with another circular, it appears that this ban has been lifted, and IMTOs can now trade on the official market.

The apex bank earlier reached an agreement with IMTOs to set up a Collaborative Task Force to double remittance inflows into the country.

What you should know

Nairametrics earlier reported that Nigeria’s net foreign exchange (FX) flow stood at US$4.94 billion in March 2026, representing a 38% increase compared with the US$3.58 billion recorded in March 2025, despite a 29% monthly decline.

The latest figures come after Nigeria recorded US$109.86 billion in total FX inflows in 2025, according to earlier CBN data reported by Nairametrics.

The annual inflow represented a 13.81% increase from the US$96.53 billion recorded in 2024, while aggregate FX outflows also increased during the year. (Nairametrics )